Bank of America’s Death Rattle

Bank of America’s Death Rattle

Bank of America Corporation, which owns Merrill Lynch and Bank of America N.A. (the actual bank), moved almost $15 trillion in derivatives from Merrill Lynch’s books to BofA’s books. Bank of America, unlike Merrill Lynch, is insured by the FDIC because it is a deposit bank.

Senate Democrats penned an angry letter to Ben Bernanke this week over the Federal Reserve’s lenience with Bank of America’s recent balance sheet maneuvers. The bank, they claim, is putting taxpayers at risk of cleaning up after it again, by moving trillions of dollars in derivatives from Merrill Lynch to Bank of America.

The letter cites Section 23A of the Federal Reserve Act, which “restricts transactions between banks and their non-bank affiliates, placing limits on the amount of each transaction relative to a bank’s capital and prohibiting purchases of certain ‘low quality’ assets.” Section 23A was designed to keep FDIC-insured entities from engaging in risky activity, much like the Volcker Rule, part of the Dodd-Frank bill, was designed to do.

By moving the derivatives onto the deposit bank’s sheets, BofA has done two things according to the letter: increased their credit risk without increasing their capital cushion, and made the FDIC the “backstop” for in the event of default. Effectively, BofA has made U.S. taxpayers a counterparty to their risk, and they might have done it just to avoid having to raise collateral capital for Merrill Lynch.

The end result is that Bank of America is clearly gearing up to go completely under, taking out the entire FDIC with it.  Bank of America’s toxic derivatives will single handedly wipe out all of the FDIC holdings and cause congress, in an effort to stand by the FDIC, go deeper into debt by borrowing from the FEDERAL RESERVE BANK once again.  It is pattently obvious that this is why the FEDERAL RESERVE BANK was completely in agreement with Bank of America transfering the trillions in toxic derivatives to begin with.

And, that is not even a conspiracy theory.  It is blatantly obvious and on the books for all to see.

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Programmer Under Oath Admits Company Made Vote Rigging Software (video)

Programmer Under Oath Admits Computers Rig Elections

A programmer, Clint Eugene Curtis, under oath, is questioned and cross examined, at the U.S. Congressional Judiciary Committee Hearing, about computer software that would falsify and hide voting counts in elections. The software would be hidden in the source code and unavailable to anyone who does not have the source code. This would make the evidence of election fraud virtually undetectable.

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Ben Bernanke: Federal Budget on Unsustainable Path – DUH!

Federal Reserve Bank Says U.S. Budget on an Unsustainable Path

Benny Bernanke What a Swell Guy

This coming from the guy that heads the largest debt holder of U.S. debt.  The biggest holder of US government debt is actually inside  the United States. The Federal Reserve system of banks account for a stunning $5.127 trillion in US Treasury debt. This is the most recent number available (Sept 2009), and is at an all-time high, rising in every reporting period since 2007. About a decade ago, the total government holdings were “only” $2.5 trillion.

Testifying before the House Budget Committee on the state of the economy on Wednesday, Ben Bernanke told Congress that it needs to develop a plan to manage the nation’s burgeoning debt, because the federal budget “appears to be on an unsustainable path.”

You might be thinking, or maybe it’s just me, “what’s his angle? Is Ben Bernanke a banker that cares about the citizens of the U.S. instead of his private shareholders who has congress over a barrel?”

Bernanke’s Hand Revealed

Bernanke was concerned that lawmakers could render the dollar a moot point and not worth investing in, i.e. collapsing, and to take decisive action to show investors that the country can get back on the right financial path.

“The deficit has created a structural budget gap that is both large relative to the size of the economy and increasing over time,” Bernanke said.  “We need to convince markets in the medium and longer term that we have a sustainable fiscal path for balancing our budget or at least bringing our deficits down,” adding “medium-term” means three to five years down the road.

“If confidence is lost in our long-term fiscal stability, we will see our interest rates go up quite a bit and that would affect the consumer’s ability to buy houses,” he said. “It would slow our economy, and it would put pressure on the balance sheets of financial institutions.”

Bernanke said the Fed has a long-term plan for managing monetary policy, and Congress should have a similar plan for managing the fiscal side.

“Right now, there’s not anything on the table,” he said.

While warned lawmakers they need a sound budgetary plan to stem the huge deficits, Bernanke also defended the decisions that contributed to those deficits in the first place, like the Troubled Asset Relief Program [ TARP ] and stimulus funding, saying the government had to spend money to prevent America’s economy from completely collapsing last year.

The Fed chairman also responded to lawmakers’ concerns about the European debt crisis [ read Greece ], saying leaders are “aggressively” handling their financial crisis, which he believes will only have a “modest” impact on economic growth in the United States.

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Kathy Griffith and the D List

Unfunny, Unattractive and Obvious, and Those are Kathy Griffin’s Good Qualities

So a new neighbor moved into the complex, white guy, single and of course homosexual. [ just sayin facts ] He’s loud, boisterous and broke. I lent him a power chord the fist day I met. Hey, I’m a nice guy. Wanna fight about it? So invariably, this loud, boisterous, chubby, gay guy likes to talk about rather serious subjects. And, he asks me my opinions. Now I’ve been knowing this guy for all of 5 days. Invariably he gets upset at my answers.

Oh, wait, I bet you think I’m saying I’m anti-gay or homophobic or something crazy like that. No, no and no! I give him my opinion on what adults should really be looking at, and how they should see things.

For instance, he has the Avatar DVD. He is into all this “metaphysical” stuff, which he likes to talk about constantly, and knows nothing about. [but I never said anything to him about that, so don’t think I’m rude] So he goes on about the world tree and how Avatar was a movie about metaphysical things. He then turns to me and asks me what I thought about Avatar the movie. You know me. I turned to him and said “I’ll tell you what it’s about in 2 sentences, but are you prepared to listen?” “SURE!” he says. So I say, “Avatar is a military propaganda movie that makes little wet teenage boys go sign up for the Army and get murdered in Iraq and Afghanistan, murdering mothers and children in the street, with or without orders from superior officers.” Somehow he didn’t like that answer. He goes off on “didn’t you see the world tree?” To which I reply, “dude you’re 30 years old, you don’t know that when you see a movie there’s the obvious things that are shown in front of your face, but equally obvious is the message tucked just under the cover. It’s why little girls go see my little pony over and over. It’s why wet behind the ears young men go see Hurt Locker. Neither group has to think very much to get what the movie is really about, making them feel safe, but putting pictures in front of their faces that teaches them that killing is ok and a girl’s place is stomp on men’s testicles. Hello UNDERWORLD the movie.”

So he changed the subject.

Next he goes into his Kathy Griffin, Giffith, Gifford.. whatever her no-talent name is, impersonation. He does the voice of everyone in the show. I don’t watch T.V. so I have to guess at who is who, doing what to whom. Then he says, “Kathy Griffin is for gay marriage.” And, I say, of course, “OH REALLY?” “Yes,” he says. “She is parked right in Washington until they approve gay marriage.” I sigh and say, “Kathy Griffin is not gay. She is not for gay marriage. She is just a wannabe that is doing something to get her name out there.” He goes into a tirade about how she is fighting for “our” [his] rights to get married. I say, “she is no more for gay rights than that Matt Damon character who is playing Mr. Smith on your movie right now. She’s an actress and could care less if you get married or not. She’s pandering to gay people, because they pay the duckets to come see her show, and watch her religiously on Bravo.”

At that, he asked me to leave his house.

I walked home thinking, is this why congress and the senators are just running roughshod all over us? We’re a country full of babies who can’t handle the truth, even when that truth is as plain as the nose on our face?

I don’t personally know Kathy Griffin, admittedly. But, I’d be willing to bet my jockey shorts that she is exactly as I described above. She is in it for the money. Let’s say her fan base is 55% gay. What else is she going to do, but come out for gay marriage?

Let’s look back at another starlette. Donna Summer, the disco queen, HATED gay people, or so I’ve heard. It wasn’t until a manager crunched the numbers and showed her how much they bought her records FOR YEARS, that she all of a sudden changed her mind and said she loved them. Awww, happy ending, awwww. I mean really. Grown men, gay or not, fell for that?

So back to my grown, 31 year old [today was his b-day] neighbor. So I told him what I consider the truth. Now, you know I told him to research it. He wouldn’t have anything to do with it. He doesn’t even want to know if she’s lying or telling the truth.

He goes on and on raving about how wonderful she is, and that she parades her alcoholic drunk mother on national t.v. I say, “is that how she wants to achieve fame? By shaming her mother on national T.V.? By making her family name dirt? How horrible is that?” I don’t get it. Who claps while their 92 year old drunk mom pukes on the floor while cameras are rolling?

And, this 32 year old thinks this is the height of comedy and coolness. Have I walked off into the land of stupid? Is this country really that depraved? REALLY?

It’s no wonder he got mad and kicked me out of his apartment. He thinks drunk 90 yr old women are cool.

Now watch, when I go over there and yank MY power chord out of his computer he’s gonna be a sad panda. And, I’ll think nothing of it. I’ll plop it right in the box where I had it and keep on typing.

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Open Letter to U.S. Congresswoman of Nevada Dina Titus

Dina Titus Tries to Sell Me on the Idea that HCR was a Healthcare Bill Instead of an Insurance Buying Bill

To Congresswoman Titus

Obviously you did not read my objection to the healthcare reform. You acknowledged receiving it at the beginning but, then went on to describe what a wonderful program it is. You further went on to describe how 42 million Americans are without health insurance. Had you read my objection you would have immediately not responded to my objection with this as evidence for support for the bill. Why? Because I am uninsured and wish to remain so. I have no idea who staffs your office, but apparently they misinformed you. Of the 30 million that are uninsured [actual number] 90% of those are wealthy enough to pay for medical care out-of-pocket, as in my case. This statement, “wealthy enough”, is misleading though. Normally people dismiss it to mean that 90% of the 30 million uninsured are rich and therefore not representative of the true population of America. This is untrue. “Wealthy enough” simply means you have the money for the procedure or doctor visit. That visit could be as low as a few hundred dollars or in some cases free. Surprising I know, but some doctors still see you without charging you, just to ask questions.

I have put countless personal hours into researching the topic of healthcare reform. The bill itself is unconstitutional. Even assuming it were constitutional, don’t you think it the just and forthright thing, to go with the private option, i.e. those who do not wish to have health insurance.

When representing thousands of people one should error on the side of caution. The bill should be amended to read that those who wish to partake of the “benefit” of insurance should “OPT IN”. And, not the converse, of those wishing not to have it, should have to “OPT OUT”. The bill infringes on the rights of the private citizen. The private citizen, who wishes to remain private, should not have to have his rights violated, THEN go through the trouble of opting out to recover his privacy.

Those who wish to OPT IN, should also be required to pay the commensurate taxes for the programs. They are benefiting from the insurance and not those who are not. Those who wish to remain private should not be required to pay the tax for the service, since they are already paying the full price for their medical services. Too many times, congress and the federal government assumes everyone wants to pay for everyone else, it is categorically not the case. As a private citizen, single, without children, who is struggling to make ends meet, it is not my wish for you to assume more taxes out of my pocket to help pay for some family of 5 who are already wealthier than I am. That is unconscionable.

Just as you ignored the overwhelming negative response to the proposed bailouts, you have ignored the outcry of the people not wanting this healthcare reform bill to pass. Who exactly are you representing?

You conclude that this bill is healthcare reform somehow. It is not healthcare reform, in the least. There is no way that you, an intelligent human, can sit there and try to convince me, an intelligent human, that this bill somehow begins to reform healthcare. On its face it is readily apparent that it will make matters worse. You are going to tax everyone. You are going to require insurance payments from everyone, which will drive UP the cost of healthcare. You are one of the representatives in the most powerful governing bodies on the face of the planet, there is no way you think this bill is beneficial to your constituents. With all due respect Congresswoman, noone with integrity would force their constituents to reach into their pockets and buy something from another private citizen. That is called extortion. You should hold the relationship you have with your constituents sacrosanct. Agreeing to extorting them should be the last thing on your mind. You should, at all costs, protect us from those who raise our taxes.

I assume you are a smart and ambitious human, otherwise you would not be in your position. There is no way that I accept you think this bill was beneficial to your constituents. There is no way that anyone advising you, would tell you this bill was beneficial, without some ulterior motive. This bill is not beneficial to me, nor my neighbors, nor to America. A bill of this magnitude, which affects every human in America is shameful. I request you have it repealed.


Kevin Cardinale


HCR was nothing more than a heist of the American public to extort them into buying insurance. Personally I think insurance is the largest scam going. The idea is that you open a business and get people in a pool to pay you money. Occassionally one of the people in the pool legally is owed money back, from your guarantee that if certain circumstances occur they’ll be paid. But, for the most part, your entire business rests on people paying you money and you doing absolutely nothing but counting it. It is a ponzi scheme unlike any other ponzi scheme and its nationwide.

There is not a single person that can argue with a straight face that insurance is a benefit to the average American. I don’t mean due to the system we’ve amassed. I mean, in the real world of “let’s be honest.” Let’s be honest. You do not need health insurance. Let’s be honest. You do not need car insurance. Let’s be honest. You do not need fire insurance.

What’s the scam? The scam is the notion that you can sign a dotted line and ALL of your gambles in life will disappear. The scam is that you pay and expect to get paid back, no matter what. That is not the reality of insurance. The reality is that even if you pay, if someone else gets paid out, everyone in the pool has to pay extra to cover that pay out, including that person, unless they were dropped. See you never get ahead with insurance and they will never just take a loss in profits.
That is the reality.
Let’s talk health insurance.

  • year 1 / health costs are all at $x
  • almost everyone buys health insurance / insurance and health officials meet
  • meeting of officials / all officials agree to raise health prices since it’s basically a monopoly
  • your health insurance goes up / you do not notice the price of healthcare going up since you’re paying as a pool of insurance customers
  • your health insurance goes up / you do not notice the price of healthcare going up since you’re paying as a pool of insurance customers
  • your health insurance goes up / you do not notice the price of healthcare going up since you’re paying as a pool of insurance customers

The HCR did nothing but to now make that pool of insurance clients larger, by forcing every American to have to buy insurance. So prices will go up, not down on healthcare. I can only lead the horse to water, I cannot make him drink.

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You Didn’t Read the Health Care Bill Did You?

Clapping as Congress Takes Away Your Constitutional Rights

So I warned you and told you and beat my head against the keyboard, but you didn’t listen, nor pay attention. Everyone stood up and cheered. Everyone gave each other big high-fives. Everyone congratulated each other. Everyone, that is, that did not actually read the Health Care Reform bill (hcr). The congressional democrats stood up and spoke generalities and accused republicans of being monsters and heartless and how this bill was historic and momentous. They told stories of little old ladies dying from paper cuts, that if she just had health insurance, could have been prevented. They were incensed when republicans stated that 80% of veterans were against the bill. They stole more time on the floor than republicans did. And when the votes were cast and the bill was passed, they all patted each other on the back.

You, yeah you, stood up and cheered with them. You thought you got something you did not have yesterday. You somehow thought it was a brighter day and everyone was going to walk into the sunshine. You listened to the congressional democrats and laughed and cried with them. You were so moved that you were proud to have voted for Obama. You thought to yourself, finally we have universal health care in this country. That little boy down the street with that rare cancer is now going to go see the doctor next week and be cured.

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Well apparently you did not actually read hcr. Apparently, you watched CNN, ABC, CBS, NBC or MSNBC and believed everything they said. Apparently you thought the word universal meant everyone would now somehow freely get health care. Apparently you did not realize that 80% of Americans already have health insurance. Apparently you believed them when they kept quoting that 30 million Americans did not have health insurance. Apparently you did not realize that 30 million Americans do not want health insurance, because they can pay for medical costs out of their pockets. Apparently you let them use and abuse your ignorance into thinking what they wanted you to think: 30 million uninsured must mean poor people who cannot afford health insurance. Apparently, you did not read hcr.

I’m sure it would be great to have real hcr. Had you read this bill, you would know that it forces every American to purchase insurance, whether they want to or not. If they do not buy insurance, they are fined and the IRS has the authority to come after them. It also forwards state sponsored abortions at tax payer expense. Everyone is assessed an abortion tax to pay for abortions, regardless of their own individuality or religion. It also forwarded illegal immigrant health care at tax payer expenses. Everyone is forced to pay for illegal immigrant health care. A health care professional cannot ask citizenship questions. They have to treat everyone that walks through the door. It removes half a trillion dollars from medicare. [haha seniors got screwed] It costs $1 trillion over 10 years, extra. Everyone is taxed 10 years, but coverage does not start for 4 years, yes you get 6 years of coverage for 10 years of pay. It reduces college student subsidies and raises education costs. It tacks on 10 extra taxes that did not exist before.

So while you were standing applauding thinking you got that sweet French universal health care, you simply got screwed. Now your constitutional right to privacy has been breached. Your constitutional right to be safe in your person has been discarded. Your constitutional right to not have your property taken from you has been disbanded.

Those that did not pay insurance before will now be forced to pay it. Like me. Unemployment will rise, because businesses will all, now be forced to cover employees. Why cover someone, when you can just fire them? The recession will finally turn into a depression. Those that are already unemployed will be forced to pay for insurance. Can you say homeless?

So you did not read the hcr. So you stood up and clapped for it passing.

Let me ask you. Did you ever stop to think that maybe some freedom loving Americans never wanted to pay for someone else’s hospital bill? Did you ever stop to think that maybe some freedom loving Americans never wanted to pay for someone’s abortion? Did it ever occur to you that forcing someone that gets up at 5 a.m. and drive to work, work all day, and come home and put food on the table, does not want to pay for someone else’s abandoned kid?

Did you ever stop to think, “this is not what congress is supposed to be discussing.” Did you ever stop to think, “congress is supposed to protect us from enemies, write treaties, negotiate foreign trade, not manage health insurance.”

No? Well then maybe instead of reading hcr, you should read the constitution.

By the way, 2/3rds of the states have already lined up to sue the federal government over this unconstitutional bill, since the states have to pick up the tab anyway. 2/3rds is the exact amount needed to add an amendment to the constitution. Ooops, party is over.

Oh and in case someone spouts, “this will reduce the deficit.” The congressional budget office has come out and said, squarely, with doc fix the deficit will rise about $238 billion. Have a nice day, liars.

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